Insight and inspiration in turbulent times.
In the same time period during which the price of oil has gone up in terms of the dollar, it has remained stable in terms of the EURO. This has prompted speculation that OPEC will change from denominating all sales of oil in the dollar to other, more attractive currencies, like the EURO, which would be disastrous for the US economy and the dollar as world reserve currency.
The former head of Saudi Arabian Oil Co’s oil exploration Wednesday sharply criticized U.S. government oil supply projections. “The whole industry laughs at it,” said Sadad Al-Husseini.
The Iranians are about to commit an “offense” far greater than Saddam Hussein’s conversion to the euro of Iraq’s oil exports in the fall of 2000. Numerous articles have revealed Pentagon planning for operations against Iran as early as 2005. While the publicly stated reasons will be over Iran’s nuclear ambitions, there are unspoken macroeconomic drivers explaining the Real Reasons regarding the 2nd stage of petrodollar warfare – Iran’s upcoming euro-based oil Bourse.
Abortion. Same-sex marriage. Stem-cell research. U.S. legislators backed by the Christian right vote against these issues with near-perfect consistency. That probably doesn’t surprise you, but this might: Those same legislators are equally united and unswerving in their opposition to environmental protection.
Petrodollars (huge financial surpluses accumulated among oil exporters due to high oil prices) were a major feature of global capital markets in the 1970s and 1980s. Are the western banks and financial markets in for another period similar to the 1970s and mid-80s in terms of flows?
In the aftermath of 9/11, fears of global oil disruption sent prices up by nearly 30 percent to over $30 a barrel. During June/July 2004, the price of oil hovered around $40 a barrel. During September/October the price of oil rose to $50 a barrel, and the high price will remain for the rest of the year. By December 2005, the price of oil is likely to reach $80 a barrel. Growing demand of China and India will be the main cause of this price spike.
Channel 4 News has been told by a top Saudi oil industry insider that the American government’s forecast for future oil supplies are a “dangerous over-estimate”.
In the first of a three-part series Larry Elliott and David Teather explore the economic recovery that never was
World oil prices will be driven down over the next two years due to there being enough crude to meet soaring demand, Claude Mandil, executive director of the International Energy Agency (IEA), said here Tuesday.
Channel 4 News has been told by a top Saudi oil industry insider that the American government’s forecast for future oil supplies are a “dangerous over-estimate”. Sadad Al Husseini has just retired as vice-president of the Saudi oil company Aramco.
ATA Airlines Inc., the nation’s 10th-largest airline, filed for bankruptcy protection Tuesday and sold off airport slots and other assets to AirTran Airways Inc. for $87.6 million, to become the latest U.S. airline tripped up by rising fuel costs and fare wars.
Experts say we’re about to run out of oil. But we’re nowhere near having another technology ready to take its place.
